Robinhood launches 24/5 trading powered by Blue Ocean ATS
Trading hours will run from 8:00 pm ET on Sunday to 8:00 pm ET on Friday.
Robinhood has become the latest US retail brokerage to launch 24/5 trading and the first of its kind to offer single name stocks 24 hours per day, excluding weekends.
The 24 Hour Market allows users to place limit orders to buy whole shares of 43 of the most traded ETFs and individual stocks– such as TSLA, AMZN and AAPL– 24 hours a day, five days a week.
“The world never stops, so why should investing be any different?”
“The world never stops, so why should investing be any different?”, said Robinhood in its blog, adding that the move would bring unprecedented flexibility and access to the markets for its customers.
Trading hours will run from 8:00 pm ET on Sunday to 8:00 pm ET on Friday and works like this, in their words:
- Select your stock or ETF. Stocks and ETFs that are tradable 24 hours will be differentiated in-app. A 24 Hour Market list will also show the 43 stocks and ETFs that can be traded. This list includes many of the most popular symbols by trading volume.
- Name your price. Customers can place 24 Hour Market orders in the Limit Order flow. As a first step, customers type in the maximum price they would pay for the security – or the minimum price they would sell for.
- Set trading hours and time in force. Select the 24 Hour Market trading session and choose when a limit order should be executed by, or expire.
- Select number of shares. After selecting how many shares they’d like to buy, traders will see a summary of the order, including the limit price, time in force, and total estimated cost. Swipe to submit, and the trade is made!
“We are relentlessly focused on building products tailored to fit people’s lives and make investing more accessible to everyone– not just a select few. We’ve often heard from customers that it’s tough to find time for investing during regular market hours with work, family, and everything in between”, the Robinhood team stated. “Market-moving news can also break anywhere and at any time. With 24 Hour Market, advanced traders have the flexibility to act in real-time, around the clock, managing their portfolio and adapting to new information, whenever it hits. 24 Hour Market also provides access to research and analysis.”
Robinhood’s 24 Hour Market will start rolling out next week, 5/16 to a subset of customers and it will be available to everyone in June.
Robinhood overnight trades will route to Blue Ocean ATS
To make the 24 Hour Market a reality, Robinhood partnered with Blue Ocean ATS, LLC, a US broker dealer which operates the alternative trading system BOATS.
The trading platform replicates the US day time trading experience: electronic access, dynamic and transparent price discovery (live data), the same regulatory reporting requirements, and the same clearing and settlement process.
The firm helps close the risk management gap overnight. The Blue Ocean Session overlaps significantly with Asia Pacific business hours – a more convenient time to trade for many investors. Robinhood will route trades to the Blue Ocean Alternative Trading System (BOATS).
We at FinanceFeeds have covered the expansion of Blue Ocean ATS’s business across the globe, including recent partnerships with Intercontinental Exchange, FlexTrade, Futu, and Broadridge.
